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Dodd, chairman of the Senate Banking Committee, and Sen. Richard Shelby, R-Ala., have been negotiating for months over a bipartisan bill, The Wall Street Journal reported. Their apparent failure to achieve a compromise could leave the Democrats trying to pass legislation with Republicans having enough votes for a filibuster.

"While I still hope that we will ultimately have a consensus package, it is time to move the process forward", Dodd said in a statement.

A bill passed the House in December with all Republicans and about two dozen Democrats voting against it.

The major sticking point is the creation of a new regulatory agency to protect consumers, The Washington Post said. The agency's responsibilities would include the mortgage and credit card industries.

Republicans have objected to Democratic proposals they say would give the government too big a role in consumer finance and prevent many people from getting credit.

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